Posts in Stranded Assets
- The world’s largest listed oil company, Exxon, announced on Friday it was going to have to cut its reported proved reserves by just under a fifth. It is the biggest reserve revision in the history of the oil industry.
- Big Oil’s twilight could happen faster than many have predicted.
- The boss of oil giant Exxon, Rex Tillerson, will be an "oil man" until the day he dies. And on yesterday’s performance at the company’s AGM this old oil dinosaur is not going green anytime soon.
- The famous quote attributed to Benjamin Franklin is that "In this world nothing can be said to be certain, except death and taxes”. Another certainty is that you know that the top executives of controversial companies absolutely hate the one day in the year that they are accountable to their shareholders: the AGM.
- Nobel Peace Laureates have added their voices to the call to permanently protect the Arctic from oil and gas exploration and production. In a letter sent today to members of the Arctic Council, the signatories point out that, “nations who share borders in this remarkable region also share an obligation to protect it…both by tackling...
Continue reading 'Nobel Laureates call for Arctic protection'.
- Desperate times mean desperate measures. Something has to give. With no end in sight to the low oil price, Canadian tar sands companies are having to sell what are being described as their “jewels in the crown” in order just to survive.
- For some years now a growing number of activists, scientists and analysts have been warning that, if we are going to keep global warming to 2 degrees Celcius, that a significant quantify of fossil fuel reserves can never be burnt.
Global Climate Movements Seek Fossil Fuel Company Transparency on Future Viability of Oil, Coal, GasFOR IMMEDIATE RELEASE October 13, 2015 Contact: Hannah McKinnon, hannah [at] priceofoil [dot] org Global Climate Movements Seek Fossil Fuel Company Transparency on Future Viability of Oil, Coal, Gas Heinrich Böll Foundation, Oil Change International, Climate Justice Programme Global reporting standards for extractive industries must include transparency from fossil fuel companies about the future viability of their...
Continue reading 'Global Climate Movements Seek Fossil Fuel Company Transparency on Future Viability of Oil, Coal, Gas'.
- The speech by Mark Carney, the Governor of the Bank of England, earlier this week about the risks of climate change and “stranded assets” has certainly stirred up the debate about global warming.
- Royal Dutch Shell announced this morning that it would be abandoning its exploration program in the U.S. offshore Arctic for the “foreseeable future” (see our response here). After more than 7 billion dollars and many seasons of almost unbelievable mishaps – Shell made the call along with an announcement that this season’s efforts had failed...
Continue reading 'What went right? Why Shell lost its bet in the Arctic'.
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